Oil bonds during upa
21 Sep 2018 Even the previous NDA government under Vajpayee issued oil bonds. In his budget speech of the 2002-03 budget, the then Finance Minister, 14 Feb 2019 Even the previous NDA government under Atal Bihari Vajpayee issued oil bonds. In his budget speech of the 2002-03 budget, the then Finance 26 Jun 2018 The NDA government repaid over Rs 2 lakh crore, including Rs taken as loan through oil bonds by the previous Congress government at the 26 Jun 2018 India Business News: The NDA government repaid over Rs 2 lakh crore as a loan through oil bonds by the previous Congress government at Reality: The figure is around 43,000 crore in unpaid dues to Iran for the period Hence UPA issued oil bonds worth 1.4 lakh crs outstanding as of2014 to control
11 Feb 2020 had served as Defence Minister in the first term of the Modi government. 2005-2006 and 2010-11, every year there was issuance of oil bonds. Talking about previous UPA government, Sitharaman said “the entire
The data of the last 20 years suggests that various government (both UPA & NDA) have been paying interest on oil bonds. The interest liability increased substantially during the UPA-1 because of the issue of multiple oil bonds. The UPA-2 paid a total of Rs 53,163 crore in interest for oil bonds in the 5-year of the period between 2009-10 and 2013-14. BJP’s official twitter handle posted an infographic which said that the current government repaid more than ₹ 1.3 lakh crore worth oil bonds which were issued during the previous UPA government. RTI response from PPAC under the Ministry of Petroleum, confirms that the Modi government repaid only ₹ 3,500 crore worth oil bonds while bonds worth more than ₹ 1.3 lakh crore are still pending. UPA-2 paid a total of ₹53,163 crore in interest for oil bonds in the five-year period between 2009-10 and 2013-14.\\r\\n\\r\\nOn the other hand, the current NDA government paid a total of ₹40,225 crore in the four-year period between 2014-15 and 2017-18. The interest on these oil bonds paid by the BJP-led National Democratic Alliance during 2014-’18 amounts to Rs 40,226 crore, said Piyush Goyal in June 2018. The current government had inherited an outstanding bill of Rs 1.3 lakh crore because of oil bonds. Out of the Rs 1.44 lakh crore bonds issued by UPA, only two bonds worth Rs 3,500 crore matured during NDA’s term. The UPA government had issued oil bonds worth Rs 1.4 lakh crore between 2005-06 to 2008-09, to compensate OMCs who incurred under recoveries to the count of Rs 2.9 lakh crore owing to high international crude oil prices and the regulation of oil prices by the government, according to the Expert Committee report under Kirit Parikh. (Note: Under-recoveries are difference between the price at which the crude oil is purchased internationally and the retail selling price of refined petroleum
26 Jun 2018 India Business News: The NDA government repaid over Rs 2 lakh crore as a loan through oil bonds by the previous Congress government at
11 Feb 2020 "Oil bonds worth a total of Rs 1.40 lakh crore, or 1.9 per cent of the GDP, was issued during the UPA regime to subsidise the oil prices and its 19 Aug 2019 1.1 A bond is a debt instrument in which an investor loans money to an State Development Loans (SDLs) and Special Securities (Oil bonds, 11 Feb 2020 had served as Defence Minister in the first term of the Modi government. 2005-2006 and 2010-11, every year there was issuance of oil bonds. Talking about previous UPA government, Sitharaman said “the entire 10 सितंबर 2018 Economy News in Hindi: हाल ही में बीजेपी ने अपने ट्विट कर Oil Bond. साल 2014-18 के बीच मोदी सरकार द्वारा इसपर 24 May 2018 Fuel prices have continued to rise even as crude oil became cheaper. BJP says the annual hike in petrol was higher during UPA rule.
10 सितंबर 2018 Economy News in Hindi: हाल ही में बीजेपी ने अपने ट्विट कर Oil Bond. साल 2014-18 के बीच मोदी सरकार द्वारा इसपर
11 Sep 2018 After paying over Rs 2 lakh crore on account of oil bonds taken, now reports UPA government but it's also saving money for the nation in all 11 Sep 2018 In reality, the international crude oil price went down under the Modi govt, but NDA denied the benefits of fuel prices to the common man. The data of the last 20 years suggests that various government (both UPA & NDA) have been paying interest on oil bonds. The interest liability increased substantially during the UPA-1 because of the issue of multiple oil bonds. The UPA-2 paid a total of Rs 53,163 crore in interest for oil bonds in the 5-year of the period between 2009-10 and 2013-14.
Also, interest paid on oil bonds between 2014-18 is Rs 40,226 crore. Goyal criticised the UPA government pointing out that central sales taxes reimbursement to states had not been paid for years by the UPA. We have inherited 1 lakh 30 thousand crores of oil bonds which are unpaid bills of oil companies from 2009-14.
The UPA government had issued oil bonds worth Rs 1.4 lakh crore between 2005-06 to 2008-09, to compensate OMCs who incurred under recoveries to the count of Rs 2.9 lakh crore owing to high international crude oil prices and the regulation of oil prices by the government, according to the Expert Committee report under Kirit Parikh. (Note: Under-recoveries are difference between the price at which the crude oil is purchased internationally and the retail selling price of refined petroleum Oil bonds were invented more than a decade ago during the tenure of the United Front government when the present finance minister was serving in the same post. Arguably, they might have been a clever way of keeping rising petroleum subsidies off the government's budget books during a temporary spurt in world oil prices. The NDA government repaid over Rs 2 lakh crore, including Rs 70,000 crore interest, which was taken as loan through oil bonds by the previous Congress government at the Centre, Union Petroleum Between 2004-05 and 2009-10, the three most profitable oil and gas companies (ONGC, GAIL and Oil India) were summarily asked to hand over Rs1,12,592 crore to three loss-making oil marketing companies. That’s nearly three times the current year’s central outlay for NREGA, the flagship social security scheme of the UPA. How did UPA handle it? The UPA government artificially kept retail fuel prices lower but they achieved it by issuing long maturity dollar bonds for which even today interest payments are being made from taxpayers money (Refer Link# 5 for this). The biggest hit occurs in the year when the principal payments become due.
An ‘oil bond’ is not money, it’s just a promise that the government will pay them in the future, preferably under a different ruling party that will be left to bear the brunt. Think of it as the UPA paying for oil with a post-dated check. Only worse, because when you issue a bond, you also have to pay interest on it. Also, interest paid on oil bonds between 2014-18 is Rs 40,226 crore. Goyal criticised the UPA government pointing out that central sales taxes reimbursement to states had not been paid for years by the UPA. We have inherited 1 lakh 30 thousand crores of oil bonds which are unpaid bills of oil companies from 2009-14. In the face of widespread criticism over its decision to tax petroleum products heavily, interim finance minister, Piyush Goyal blamed the UPA and its mismanagement of finances. Under UPA 2 petro